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So, which reputable project can possibly be the next Terra/Luna/UST situation?

[Discussion] Accumulating USDC & BTC w/ BitWage - Worth the Risk?

Is anyone interested in an on-chain mutual fund protocol?

Forget about ETH and BTC, there's a biggr flippening coming.

CryptoCurrencies and their lifespan.

With the Ronin Network hack, how truly secure are Blockchain networks

Bullish on Stellar for Moneygram / USDC

Top 4 Stablecoins Compared: Tether (USDT) vs. USD Coin (USDC) vs. Dai (DAI) vs. Pax Dollar (USDP)

Stablegains losing 42M of investor money in UST fiasco!

r/CryptoMoonShotsSee Post

Kronos-Sale | Safe Crypto Launch Platform | ThinkTank ICOs Soon! | Cronos Chain | Trusted & Doxxed Team | Cross Chain Integration | Innovation Inspired By The Gods

0VIX - DeFi Lending 2.0. Stress-tested quantitatively and advised by Polygon's core team members

Stablegains a registered company in US was taking USDC and USD via wire from customers promising them 15%, put it all into Anchor without telling them, they have lost $42M of 5000 Customers.

Has Centre/USDC ever been audited?

Tether just released it's quarterly reserve assesment, and they claim to have access to US$82,424,821,101

r/CryptoCurrencySee Post

Stripe to allow payments on Polygon via USDC - Bullish on Matic

Automating middlemen out

The Big 'Winner' From the Crypto Crash? USDC Stablecoin

r/CryptoCurrencySee Post

Collateralized Stablecoins Vs Algorithmic Stablecoins

Terra Luna and UST collapse– stable coin preferences tilt as other coins come into play with USDC close enough to “Flippen” popular USDT tether.

I created a "Cliff's Notes" version of the April IMF Global Financial Stability Report along with my personal opinion regarding the future for Stablecoins, Cryptocurrency and CBDC's, I think it sort of paints a picture of the current global financial situation in a way that isn't being communicated

r/CryptoCurrencySee Post

First Mover Asia: USDC Hasn’t ‘Flippened’ USDT, but Trader Preferences Are Changing; Cryptos Rise Despite Bearishness

MoneySwitch Protocol | Launching soon | Earn yield by lending Stablecoins to Cross Border Payment Providers | Cross Border Finance | International remittances | DeFi

BUSD or USDC? What would you pick, pro's and con's for both.

For all you hoping for tether to die a quick and spectacular death, what do you think is going to happen?

Thoughts on best stablecoin?

r/CryptoCurrencySee Post

What's the consensus here regarding Celsius?

r/CryptoCurrencySee Post

USDC on Stellar; Stable coin speculation.

What did I learn with LUNA/UST scandal

r/CryptoMarketsSee Post

The recent market crash was another proof on the importance of treasury diversification for projects

What did I learn with LUNA/UST scandal

| Custodıy Offıcıal | Strong Team | Custodiy | Start Date 18/05 | Presale

Kronos-Sale, the Cronos Chain Secure Launchpad of the Future! | New ICO Listings Soon! | A Platform so Good the Gods Aped in! | Buy $KRO on MMF

Introducing AMM and Proof of Trade Protocol.

If it happend to the highly praised UST why can't it happen to USDC?

Don't be sad, here, have some HOPIUM

r/CryptoMarketsSee Post

Where does (Binance's) BUSD stand in terms of stablecoin safety?

NFT Play to Earn projects you should keep an eye on in the current market

UST is still salvagable!

A legal opinion in response to Do's plan to kill UST - Must Read for LUNA/UST HODLers.

Luna Recovery Proposals - An FYI for those affected

LFG just confirmed they have sold most of their BTC reserve (80K BTC) and still couldn’t defend the peg. They only have 313 BTC left in their reserve.

Luna foundation guard just confirmed they have sold most of their BTC reserve (80K BTC). They only have 313 BTC left in their reserve.

r/CryptoCurrencySee Post

Stablecoins (USDC/USDT) Vs S&P 500: Which one is better & Why?

r/CryptoCurrencySee Post

Stablecoins (USDC/USDT) Vs S&P 500: Which one is better & Why?

Bridge USDC from Etherem Mainet to Matic Mainet no ETH to pay gas!

Costly Mistake: Someone Just Sold a Bored Ape NFT for 200 USDC

With Terra USD case on the scene, world lawmakers accelerate regulation

What would you do with $100k right now.

After the UST debacle, will the copycats (algorithmic stablecoins) Near's USN and Tron's USDD see any adoption or not?

r/CryptoCurrencySee Post

Charges for trading Crytpo?

How do we know that what happened to TerraUSD won't happen to Tether USD and USDC?

I will create a new stablecoin project called VCcoin, it will be huuge. Please let's get people educated how to check what they are buying. Add additional advices in the comments.

USDC has a market cap of $51 billion, but has only raised $1.1 billion. Where is the rest of its supposed backing coming from?

If it happend to TerraUSD, why can't it happen to other stablecoins?

What would really happen to the market if Tether for some reason suffered a big depeg?

r/CryptoCurrencySee Post

Discussion about USDT crashing behind the scenes

USDT - USDC - BUSD. How safe are they really?

is this possible ? USDT and USDC

r/CryptoCurrencySee Post

Just-In: Circle mints 8.4 Billion USDC within 7 days, why?

Can USDT crash like UST did?

Historical Anecdote of Crypto Bear Markets

What I've Learned from Luna's Disaster After Losing Everything

r/BitcoinSee Post

What would / could happen to USDC???

What could / would happen with USDC???

Can I get a better explanation of stablecoins?

How to short Crypto using DeFi lending protocols: a guide on losing money faster using Harmony One and Avalanche

A costly lesson about 'stable' coins

Use of real dollars (USD) instead of stable coins (USDT) in an exchange!

r/CryptoCurrencySee Post

Tron insiders want to profit the same way as the failed ones did. USDD

r/CryptoCurrencySee Post

Trons USDD might have a slightly better algorithmic stablecoin idea than UST coin was, since it is actually "collateralized" but it is still a scam, here is why.

Is USDC/DAI a good bet if I want to store my money at an exchange (like Celsius or Nexo) to earn interest?

Vallhund Inu stealth Launched 1 Minutes | $VHIN Authentic crypto project made for the People and our Planet.

Vallhund Inu stealth Launched 1 Minutes | $VHIN Authentic crypto project made for the People and our Planet.

BTC is now comfortably over $30K again … The Bull -might- be back on (for now). Here’s why …

r/CryptoCurrencySee Post

LUNA, a inherently unstable stablecoin from the beginning.....

r/CryptoCurrencySee Post

possibly a big brain trade idea

What’s going on with UST?

Sh*t hit the fan, what to do now

After 13 years of Crypto, most of the market is still full of shit

New disclosure in this week's Coinbase 10-Q: "In the event of a bankruptcy.....customers could be treated as our general unsecured creditors." Get your coins off exchanges.

what is the most stable stable coin ?

Kronos-Sale | Safe Crypto Launch Platform | Launch Today 20:00 UTC | USDC Rewards | NFT Dividends | Doxxed & KYC | Trusted Team | Cronos Blockchain | Innovation Inspired By The Gods

A Beginner’s Guide to Crypto

What could be a plan te recover UST/Luna in your opinion?

I'm lost. I'm confused. I lost it all. I don't want to lose the one thing I love.

I have $1k split evenly on GUSD/ USDC on BlockFi, how nervous should I be?

Do not hesitate to convert your "risky" alts portfolio into safer stuff as BTC or USDC. Bear markets are not kind to Alts.

Future of stablecoins

r/CryptoCurrencySee Post

Stellar and Stellar USDC is going to thrive

r/CryptoCurrencySee Post

Is it safe holding funds in USDC?

Beware: anti-crypto people are actively posting FUD

USDT is doing smiliar pattern like UST before it crashed

r/CryptoCurrencySee Post

Help me out here

r/CryptoCurrencySee Post

A certain major stablecoin whose name starts with T has depegged and is at $0.95 on Coinbase

r/CryptoCurrencySee Post

Alert: USDT has broken 0.95

r/CryptoCurrencySee Post

Tether (USDT) has depegged and is at $0.955 on Coinbase and falling

r/CryptoCurrencySee Post

Why do people even bother with stablecoins like USDC?

r/CryptoMarketsSee Post

USDT has broken 0.99 guys....

r/CryptoCurrencySee Post

Underbidding gwei

Mentions

Came across the APY on Spool despite being a middle ware. Ranges from 13% to 17% with stablecoins including USDC, DAI and USDT. Since it is automated with ready made yield strategies, I think it is more suitable for anyone who doesn't understand the dynamics of how DeFi work, especially in a bear market like this.

It's decentralized. There's nobody to pull the rug. xSurge doesn't mint xUSD. The contract does. The only way to get a dollar back out of the contract is to supply it with an xUSD, which it burns as it gives put the collateral. The collateral is stored within the contract itself, and you can look at it on bscscan. It is stored in USDC and BUSD.

Mentions:#USDC#BUSD

Long before the hammer falls on shitcoins, the stablecoin sector will have it's cleansing. Two bills are in congress to do exactly that now, in fact. USDC and those like it with full 1-to-1 dollar reserves and full transparency aren't going anywhere. If tether goes down that volume will likely just jump over to a full-reserve stablecoin within hours.

Mentions:#USDC

you need a bridge to send a token (USDC) from one chain (ETH chain) to another one (polygon chain) . simple sending will not work.

Mentions:#USDC#ETH

but if i have USDC on eth network in another wallet, and send to a polygon account on my ledger, have i successfully "polygonized" my usdc? or is it not possible

Mentions:#USDC

erc20 means on the ethereum network. yes, you can have USDC in polygon network via ledger, BUT it is not an erc20 USDC token.

Mentions:#USDC

What about all the USDC purchased with USDT? Are they also backed by short term treasuries?

Mentions:#USDC#USDT

#Bitcoin Con-Arguments Below is an argument written by bkcrypt0 which won 1st place in the Bitcoin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > # Bitcoin is failing its original mission, and institutional interest is going to make things worse. > > **Background** > > Satoshi Nakamoto was a financial revolutionary out to counter the fiat money presses that destroy a currency's value with inflation (looking at you Turkey and the U.S.) The method—create a currency with a fixed supply, mined liked gold to make it scarce, and digitally transferable anywhere in the world between any parties. > > **Lack of Stability** > > Bitcoin can't be used as a global currency to replace fiat and eliminate politicized money printing because it has to hold its value steady over time. > > Why? > > People work for dollars, euros, yen, or yuan because there is relative stability in their paychecks from week to week. Their food, rent/mortgage, clothing, energy costs are also relatively stable (inflation is the cost for using that particular currency, but it beats a 50% drop in value over the course of a few months, and most inflation around the world isn't as bad as Turkey or Venezuela.) > > Imagine being paid a flat 1BTC / year for a particular job. But you live in the U.S. and the value of that BTC just dropped over the course of the year by 50%. Your lease is fixed over 12 months. Your food costs are the same or maybe even higher. Not only do you still get hit with local inflation, your buying power just dropped by half. > > This is why over $155B\* have flowed into stable coins like USDT, USDC, BUSD, UST, and DAI) > > **Lack of Accountability** > > The relatively anonymous transfer of value between parties was supposed to be a positive aspect of bitcoin. Your money, so do what you want with it. The problem is, there are a lot of other people that also want anonymity — human traffickers, dangerous drug smugglers, crime syndicates, tax evaders. Sure they can also use USD (and most of them do), but they are also traceable if they enter the global financial system. > > Making it easier for criminals to evade authorities makes everyone less safe. And sure, no one likes to pay taxes, but consider the alternative. Roads, schools, social services, some hospitals, police and fire departments, they all rely on taxes. > > **Lack of security** > > Unlike gold, which is pretty much indestructible, Bitcoin holdings depend on keeping seed phrases secure. If there were a house fire a gold bar might melt, but it can be reformed. A hardware wallet will be destroyed and any seed phrases stored on paper will be gone. That's part of gold's appeal as a store of value. > > Also, were there to be an internet outage in any widespread way, Bitcoin is useless as a transaction currency (part of the appeal of physical paper money and metal coins.) While unlikely, this scenario speaks to the lack of overall security in Bitcoin as a means of exchange (it has other benefits like cryptographic security, but its lack of physicality poses problems with public perception, and practical uses.) > > **Acts like fiat, moves like fiat . . .** > > Bitcoin remains highly correlated to traditional finance markets (two recent readings were the highest they've been -- see link below) and doesn't exactly act as a hedge against inflation when it plummets in the face of, well, high inflation. > > What this shows is that big money is controlling Bitcoin (and by association the rest of crypto) by reacting in the same risk-off reaction when inflation flares up. > > It goes something like this: > > * When inflation rises, the Fed tightens money supply to slow things down. > * Big money flees from riskier assets like company stock (they likely won't be as profitable in a high inflation world) > * Stock prices drop \[and here's the problem\] > * Money does not flow INTO crypto as a hedge against this risk, it also flees. > > **Conclusion** > > Fighting fiat money printing excesses was never going to be easy, but as with most revolutions, unintended consequences often derail the original vision. > > For one, government policies can avert the worst of political impulses. That doesn't require a wholesale financial market revolution. > > U.S. inflation has also been remarkably low for well over two decades. It was a once in a century global pandemic that forced a massive print run of dollars. > > Bitcoin has also become just another a plaything for the rich, a commodity to be bought and sold for profit rather than the antidote to centralized money creation. And because even larger stacks of fiat are on the sidelines waiting to jump in, volatility is going to get even worse with big swings as fund managers chase and take profits. > > None of this means Bitcoin has no value in global finance. It just means it isn't going to serve the purpose as originally intended. > > \------------------ > > * For Bitcoin correlation to stocks see: [https://seekingalpha.com/news/3784018-how-does-bitcoin-correlate-with-us-dollar-stocks-other-asset-classes](https://seekingalpha.com/news/3784018-how-does-bitcoin-correlate-with-us-dollar-stocks-other-asset-classes) > * Stablecoin totals for the five mentioned above were calculated on 1/11/21 from CoinMarketCap - [https://coinmarketcap.com/](https://coinmarketcap.com/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lpo/top_10_bitcoin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/umsqe8/monthly_optimists_discussion_may_2022/).

I was just commenting about exsctly this, and the USDC volume is growing mad on Stellar. Sdexexplorer.com shows it as the #1 token on the Stellar Network.

Mentions:#USDC

"That's a HUGE BITCH!" Also wonder if that's why the huge increase in backed and auited USDC on Stellar... Some big 7 day volume showing here - sdexexplorer.com

Mentions:#USDC

Go to aave, lend USDC, borrow Tether, swap your borrowed Tether back to USDC (or offramp it to fiat), wait until tether implodes then but it back for pennies and repay your dept. $0.05 tether means you cleared a 95% profit.

Mentions:#USDC

Can I receive erc20 USDC as "USDC (POS)" on polygon within my ledger? Trying to get away from gas fees if I want to move it later

Mentions:#USDC#POS

I didn't make a million but it was life changing money. Here's what I did. I cashed out 75% of my portfolio. I kept 25% - Bitcoin and an altcoin I hadn't had for a year yet. I paid my mortgage off, a car, a couple of high balance credit cards, and all other personal debts. After I paid everything off, I got a tax estimate and banked money for taxes. After all of that, I still had a fair sized stack of cash. I put that in USDC. I'm now debt free, I own my home and I have USDC in reserves. Now I'm just watching the market and waiting for good buying opportunities. This will be my third bear market. This is a time where patience is key.

Mentions:#USDC

Aave, stake USDC, borrow Tether, convert it back to USDC and wait for it to collapse. Then buy it back for $0.05 and repay the loan, making off with a 95% profit.

Mentions:#USDC

Dai is over collateralized and you can see it on the blockchain, but a lot of it is USDC.

Mentions:#USDC

USDC might be the only gold standard as I think it’s all backed by short term treasuries. Otherwise there’s no point and should stablecoins just buy treasuries it would be a massive buyer of government debt

Mentions:#USDC

Could you point out the relevant parts of this legislation or at least link it? I'm not familiar with the details. Around half of DAI was generated with USDC collateral as per the link in my last post. If there was some event that crashed USDC to zero, could you describe how DAI could continue?

Mentions:#DAI#USDC

DYOR bro, look at the charts, it has never steadily remained $1 pegged, same with USDC BUSD or DAI

Stellar USDC seeing some serious volume; Sdexexplorer.com Is this evidence of more people movimg away from USDT Tether? And i wonder will this movement eventually be reflected in XLMs price?

Mentions:#USDC#USDT

It's almost like a Gift from the Gods right! We also have a HUGE Referrals Program, If you refer a new token to launch off our platform and it passes our rigorous Auditing, Doxxing and KYC, YOU can receive a HUGE 1% of the total PRESALE RAISED! PAID STRAIGHT TO YOU IN USDC!

Mentions:#PAID#USDC

Staking on LPs is a great way to earn passive income and I'm exploring Spool's APYs on stablecoins ranging from DAI to USDC and the yield platform has gotten a TVR of over $60 million in just a few weeks.

Mentions:#DAI#USDC

Money printing machine! NFT staking = USDC rewards Token staking = USDC rewards Projects launching off the launchpad = printing rewards. KRO low MC entry right now = huge profit when BTC bounces back up and CDC fix CRO woes. WIN from EVERY angle imo!!!

The next phase of LFG liquidation is specifically focusing on reimbursing small wallets of up 50kUSD via USDT or USDC, whichever is decided upon. The VC investors already made out well, did they not?

Mentions:#USDT#USDC

Well, while we're on this subject : Some insider info: DEI is transitioning from Algo coin to USDC - FRAX - DAI backed stable coin. Currently worth 60c and soon to be pegged. Great #arbitrage opportunity.

Me neither, ill probably harldy ever use them at all, and if so ill only use USDC

Mentions:#USDC

I'm a little guy and I'm still curious how this is going to work. Unless I'm getting reimbursed with USDC or USDT how are they going to do 1 to 1

Mentions:#USDC#USDT

There are chain/DEX/wallet combinations like PROTON (XPR) already on this. They have a DEX with KYC and a fiat on/offramp directly through CIRCLE via USDC. This are gonna move fast from here.

Mentions:#DEX#XPR#USDC

Because USDC is ethereum based.

Mentions:#USDC

I’ve heard people (like Dorsey) say Bitcoin is the only option as the currency of the internet. Why couldn’t something like USDC work?

Mentions:#USDC

Wait did I just read right on the TG group that token staking will be live early next week and it also pays in USDC? What are people standing around waiting for? It's a good entry point right now!!!!

Mentions:#USDC

>Paper backed stabled coins such as USDT inherit more counterparty and regulatory risk than I am comfortable with. Given they are backed by US dollars, they have a single point of failure. They exist only if current administration within the US government allows them to exist. >Call me paranoid, but I would not be surprised at all to wake up and hear that some patriotically named bill passed in the middle of the night regulating these types of coins effectively illegal. What would a scenario like this look like? Would the US government actually do something like, for example, confiscating the funds backing these tokens, or forbidding anyone from exchanging them for dollars? Would they order them to use their freeze functionality to lock down everything in defi apps like Uniswap? The author describes DAI as a hedge against this risk. I like DAI but not convinced about it working for this purpose. It came very close to collapsing a few years ago when Ethereum crashed under $100. They decided to reinforce it by... adding centrally backed assets, mostly stablecoins, [as collateral](https://daistats.com/#/), which are now the majority of it. Considering such a cataclysmic event as the overnight death of USDC and USDT would also cause a massive Ethereum crash, it seems highly unlikely that DAI would be able to retain value when those coins do not. I don't think sudden erratic action to wipe out the wealth of a whole class of investors is really their style though; seems more likely that any harmful regulation will be of the slow and insidious type, though this could be wrong.

What's the best way to do it would you say? Deposit USDC into just lend and then borrow USDD, swap for USDC and then just wait for it to come crashing down...pay back the loan and keep the difference?

Mentions:#USDC#USDD

The trust of the gullible, yes. Maybe that is enough. Still USDC eating up Tethers shares.

Mentions:#USDC

#USDC Con-Arguments Below is an argument written by ExchangeEnough7821 which won 2nd place in the USDC Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **What is USD coin (USDC)?** > USD coin is a stablecoin, first announced in May 2018. It is developed by the Circle Consortium - a partnership between the company Circle and the exchange Coinbase. Circle and Coinbase are responsible for issuing the USD coin, and Centre develops the technology behind and the framework of it. Circle is a company founded in 2013 by Jeremy Allaire and Sean Neville, and is an official Money Transmitter – it must comply with federal law and regulations. Now, it has over 60 partners and is continuing to expand. > Uses of USD coin: > • Avoid inflation in countries with weak economies > • Send money around the world without large fees, securely and instantly > • Short other coins without having to convert to fiat > • Buys things in crypto based apps and websites > > > **Cons of USD coin** : > • Although the cost of transferring USD coin may be less than if it were fiat, when the Ethereum network is congested it can get very expensive to transfer even a small amount > > • Although USD coin can be use in some DeFi apps and games, there are very few day-to-day uses for USDC – there is almost no shops, restaurants or companies that will accept it in everyday circumstances, reducing its usability > > • Staking USDC can be risky compared to holding fiat in a bank – banks have FDIC insurance and your money is almost guaranteed to be safe, albeit with a lower interest rate, but there are many examples of DeFi apps that have been hacked with funds drained so your money is in more danger > > • Another issue that may put people off from USD coin is that it is centralised – it is governed by Circle, so it the reserves cannot be verified, unlike decentralised options like DAI and SameUSD > > • Although transferrin USD coin is very fast, certain fiat services -most notably PayPal – have even shorter transfer times, sometimes 1 second or less > > • Even though crypto is getting more mainstream with simpler apps, it can be difficult for many to understand how to use and stake this coin to achieve its full potential, and if it is held in private wallets and the seed key is forgotten there is nothing anyone can do to retrieve the funds, unlike apps like PayPal > > \*”What is USD coin” and “Uses of USD coin” is copied between both of my USD pros, and USD cons, but I wrote it myself\* ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2moj/top_10_usd_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/umsqe8/monthly_optimists_discussion_may_2022/).

Mentions:#USDC#DAI

#USDC Pro-Arguments Below is an argument written by ExchangeEnough7821 which won 2nd place in the USDC Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > What is USD coin? > > USD coin is a stablecoin, first announced in May 2018. It is developed by the Circle Consortium - a partnership between the company Circle and the exchange Coinbase. Circle and Coinbase are responsible for issuing the USD coin, and Centre develops the technology behind and the framework of it. Circle is a company founded in 2013 by Jeremy Allaire and Sean Neville, and is an official Money Transmitter – it must comply with federal law and regulations. Now, it has over 60 partners and is continuing to expand. > > Uses of USD coin: > > • Avoid inflation in countries with weak economies > > • Send money around the world without large fees, securely and instantly > > • Short other coins without having to convert to fiat > > • Buys things in crypto based apps and websites > > Pros of USD coin: > > • USD coin has many high value and reliable partneships with large firms, that gives the project stability and credibility. These include Goldman Sachs, Bitmain and IDG Capital, and these high profile links mean USD coin can be seen as trustworthy > > • Transfers with USD coin only take roughly 15 seconds, compared to the minutes it takes for a fiat wire transfer or similar – this means it has a use case in transferring money across the globe quickly > > • The cost of money transfers remains the same no matter the size – it is the Ethereum gas fee-, and this means for high value transfers it can be cheaper than other fiat versions, which may take a percentage > > • Compared to the US Dollar, you can earn a much higher interest on the coin with decentralised apps, so is more profitable when holding than fiat currency. > > • It is backed 1 to 1 with the US dollar – one of the strongest and most reliable currencies in the world, so is also a very reliable stablecoin. > > • USD coin can be used by those who don’t have access to traditional bank account due to age or location, so can still cash out other coins into an exchange > > *”What is USD coin” and “Uses of USD coin” is copied between both of my USD pros, and USD cons, but I wrote it myself* ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2mln/top_10_usd_coin_proarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds.

Mentions:#USDC

USDC {{pros}} & {{cons}} and related info are in the collapsed comments below. Pros and cons will change for every new post.

Mentions:#USDC

I also don’t keep long term holdings in tether since I trust USDC much more. But am I really worried that tether is going to implode? No, not really. The day they can’t meet the redemptions is when I join u guys in the panic.

Mentions:#USDC

if you're getting paid fees for a crypto asset that isn't USDC, you're never going to see it again. i'm not interested in replying anything additional to you, it's OK to disagree and i don't care if you get the last word. have a nice day.

Mentions:#USDC

So... This one is for the people in the Algorand ecosystem... Apparently I can now use my LP tokens from tinyman and Pact finance as a colateral on Folks Finance. Now comes the crazy part. I get to keep the rediculous APR of Aenas rewards while using my LP tokens as colateral. This means I can go into ALGO/USDC pool on Pact with 43% APR due to Aenas rewards till the end of June, acquire those LP tokens, deposit those tokens on Folks as a colateral and borrow more ALGO and USDC against that colateral and pay 3% APR and put those borrowed coins back into Packt to gain new LP tokens with 43% APR and do the whole thing again in circle.

Mentions:#ALGO#USDC

Not if USDC is used. This is about revamping the entire payment industry. Payments will almost certainly have to made in a stable coin of some kind I agree. And because they are currently pegged to the American dollar does not mean that they have to stay that way. It just makes sense ATM because the USD is the world's currency ATM.

Mentions:#USDC#ATM

people always shit on me when i say there can be only one in the USA and it's going to be the e-USD all economies will do this, both developed and undeveloped, and the existing forex and remittance systems will easily adapt to it. all of crypto is a scam except for USDC but that's because they actually have a business model that makes sense ad a potential replacement for credit/debit cards.

Mentions:#USDC

No. I mean real crypto wallets, not just community points at private blockchain. Wallet where you can hold BTC, USDC and other tokens. Receive them and send from and to other people. Buy goods, donate with crypto an so on.

Mentions:#BTC#USDC

#Regulation Pro-Arguments Below is an argument written by mic_droo which won 2nd place in the Regulation Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Disclaimer: I am reusing (and adapting) my arguments from the last round that I deleted by accident but can be found [here](https://web.archive.org/web/20211118154440/https://reddit.com/r/CryptoCurrency/comments/pfoogx/rcc_cointest_general_concepts_regulation/hl4r06e/). > > While I think regulation is mostly seen negatively in crypto, I would argue some level of regulation could have a positive effect on both safety aspects and adoption: > > * One of the biggest swords of Damocles hanging over crypto’s head are **stablecoins** and their backings. Of course [Tether is notoriously shady](https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether), but other stablecoins like [USDC have also lied](https://www.nytimes.com/2021/09/17/business/economy/federal-reserve-virtual-currency-stablecoin.html) in the past about how they are backed. One of these coins – both in the top 10 – imploding would be a catastrophe, both for those holding them and crypto in general, as it would definitely cause a huge crash and loss of trust. Government regulation, making sure that those coins are backed and [preventing retailers from issuing their own coins](https://www.nytimes.com/2021/11/01/business/stablecoins-cryptocurrency-regulation.html) could make crypto a safer place > > * **DeFi** has been called the [wild west of crypto](https://www.cnbc.com/2021/11/04/defi-the-wild-west-of-crypto-is-set-to-face-regulatory-crackdown.html) for a reason. DApps can make crazy promises on, for example, how much interest you can earn on a loan – but they don’t have to be open about the risks, even though [coding errors and hacks with grave consequences are far from rare](https://www.reuters.com/article/uk-crypto-currencies-lending-insight/boom-or-bust-welcome-to-the-freewheeling-world-of-crypto-lending-idUKKBN25M0GQ). While regulating DeFi without making a mockery out of what it’s trying to do is not an easy task, [there definitely are ideas on how to approach this](https://www.coindesk.com/policy/2021/11/16/a-few-unorthodox-thoughts-on-defi-regulation/) > > * **Regulation could prevent tax evasion**, which would be both positive because governments would receive more money that they could use for the public good and because it would make them less anti-crypto. Governments [could for example force exchanges to establish KYC-procedures](https://www.fool.com/the-ascent/cryptocurrency/articles/do-we-need-more-crypto-regulation-two-sides-of-the-story/) and only approve exchanges that ask for KYC and store it securely. > > * [**Most (young) traders don’t even realize crypto isn’t regulated**](https://www.cnbc.com/2021/10/19/young-traders-treat-crypto-investing-like-a-competition-fca-says.html), meaning that they both might underestimate their risk when investing and wouldn’t mind regulation. > > * **Crypto currently still seems shady to a lot of people**. This might be somewhat subjective, but can you blame them? Scams are happening left and right, it’s very hard for a beginner to tell which exchanges are trustworthy and which ones aren’t (and let’s be honest, even some that are regarded as good look shady as hell, looking at you KuCoin) and those BTC ATMs with their absurd and non-transparent fees standing around at the most absurd places don’t help either… introducing regulation might make things safer and increase the trust people have in crypto in general. [Mid last year, only 14% of Americans owned crypto](https://www.fool.com/the-ascent/research/study-americans-cryptocurrency/) and I’m sure it is much lower in most other countries. To increase this number significantly, crypto would definitely have to look more trustworthy, which can only be done by some degree of regulation > > * Finally, it seems likely that [more institutions would get into crypto](https://money.usnews.com/investing/cryptocurrency/articles/will-cryptocurrency-regulation-affect-crypto-prices) if it was regulated, bringing more capital into the ecosystem. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/r6vv9u\/general_concepts_round_regulation_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_government_regulation) to find arguments on this topic in other rounds.

Mentions:#USDC#GQ#BTC

#USDC Pro-Arguments Below is an argument written by madpanda94 which won 2nd place in the USDC Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > My analysis comes from a post from 1 month ago written by me [https://www.reddit.com/r/CryptoCurrency/comments/pkita5/knowyourcrypto\_8\_september\_8\_2021\_usd\_coin\_usdc/](https://www.reddit.com/r/CryptoCurrency/comments/pkita5/knowyourcrypto_8_september_8_2021_usd_coin_usdc/) > > # What is it? > > USD Coin is a stable coin, which is a cryptocurrency that has the same value as a classic currency, in this case the US dollar. It is a similar project, in several ways, to other stable coins. It is also the stable coin managed directly by the Coinbase and Coinbase PRO exchanges, one of the most important exchanges in the world. USD Coin, as it should be more than clear from the name, is pegged to the dollar. What does this mean? It means that the value of a USDC token will always be equal to the value of one dollar. We will always be able to convert (we will see the special cases later) a token of this type into dollars. As we can then see on the main markets that change it, the price can fluctuate very slightly with respect to that of the dollar, generally in the order of thousandths of a percentage. These are very small variations that are mostly dependent on the small inefficiencies that can be created on the market. Perhaps one of the best qualities of USDC is that it is controlled by a consortium, in which partecipate several players in the cryptocurrency industry. It was in fact founded by Circle, and today also hosts the popular Coinbase exchange, and the mining company Bitmain, which is one of the largest investors in Circle. An internal project? No. A project that today has behind it the most serious groups circulating in the world of cryptocurrencies. > > > # How does it work? > > Like all stable coins, USD Coin also has as its main use to act as a counter value on high-frequency exchanges, obviously being tokenized. Therefore, its first use is to act as a counterparty in the negotiations that take place within the main exchanges. Coinbase aims to use it as a means of payment, offering free wallets and above all the possibility for everyone to exchange a crypto with a stable value expressed in dollars without the delays and costs that are instead connected to classic banking. USD Coin is a ERC-20 token, which is a token that is compatible with the Ethereum blockchain. A choice of this type has proved to be a winning one over time because the Ethereum network today offers reliability and allows this stable token, USDC, to be used in many decentralized finance projects. USDC is not mined, that means it is not created by solving very complicated algorithmic calculations. In fact this product is issued on demand. Anyone who buys USDC from Coinbase will have new ones delivered and never released. The doubt in this case is that Coinbase, as well as the other agents involved in the project, can issue more money than they will actually be able to convert one day. This problem can be overcome, provided that the exchange actually has US dollars or equivalent in cash. > > > # Where to store it? > > The best hot wallets for USD Coin are Coinbase Wallet, TrustWallet and Atomic Wallet. If you want more security, a cold storage like Ledger or Trezor is the right choice. > > > # Pros&Cons > > \*DISCLAIMER\* These lists are subjective, it depends from person to person > > **Pros** > > > 1. Solid backers > > 2. Useful > > 3. Future projects > > **Cons** > > 4. High competition ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz482n/rcc_cointest_top_10_usd_coin_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds.

Mentions:#USDC#PRO

USDC {{pros}} & {{cons}} and related info are in the collapsed comments below. Pros and cons will change for every new post.

Mentions:#USDC

Agreed. Unfortunately most of that world would gladly follow the US' precedent. And if they didn't have access to USDC...

Mentions:#USDC

Yield farm just refers to smart contacts that maximize yield by investing across multiple projects Example: * Depositing ETH and USDC into Aave to earn interest ~1% * Depositing the aETH and aUSDC Aave tokens into a Curve liquidity pool to earn another 10% on swap fees * "Staking" the Curve pool tokens to earn 10% CRV incentive rewards, which are converted by the smart contact into ETH and USDC and used to deposit more into Aave

Girl, what? USDC isn't in the same ballpark of shadiness that USDT occupies.

Mentions:#USDC#USDT

Yeah Coti is going to flip USDC lol. They can make stables for any chain and also for enterprise customers. Game over soon for these shitty stablecoins.

Mentions:#USDC

USDC > USDT no🧢

Mentions:#USDC#USDT

Even if the USDC marketcap is closing in on Tether's that's unfortunately not it. USDC is still greatly behind in terms of Volume, almost a 10x difference between USDC and USDT. This means that Tether is being used a lot more than USDC is, so even if USDC surpasses the MC of Tether, it could still be not as used as Tether.

Mentions:#USDC#USDT

Exchanges need to offer many more USDC pairs for that to happen... especially Binance, Coinbase and Kraken

Mentions:#USDC

USDC is one of the most stable coin

Mentions:#USDC

USDC was always the best option

Mentions:#USDC

For now I'll just DCA into BTC. I'm stacking cash into USDC waiting for BTC dominance to go up before jumping back into alts. I still think we could see alts drop another 50% before we bottom out.

Mentions:#BTC#USDC

Well, I have been following them since the beginning. The amount of shady things USDT was involved, or the cases filled against them, made me fear for my money tbh. I moved my assets to USDC, BUSD and eMoney stablecoins which at least are backed by real world assets.

It isn't. You have to adhere to the securities legal framework. You can't transfer securities without adhering to their laws. For example, I can't send a security to someone that isn't registered to receive securities. You can't issue/create more tokens/coins either without the paperwork and taxes. Coins/tokens are basically shares. This kills the blockchains that get designated securities, and if they were decentralized to begin with, and impairment resistant, it wouldn't be a problem. If they don't want to make protocol changes, or don't want to adhere to securities laws, fine. They'll be delisted by every single US exchange within 90 days. Then most international exchanges as well. Their apps/wallets will be removed from the Apple and Google store. Stablecoins like (USDT and USDC) will cease operation within these protocols. Security designations will bring an s-curve adoption shakeout of crypto. 🙏 NFTs will probably be the only survivor.

Mentions:#USDT#USDC

After the Luna scandal, what are your thoughts on other stablecoins like USDT,USDC,etc. ?

Mentions:#USDT#USDC

There is no UST. Using USDT and USDC. The token supply going back to $1 billion according to Kwons first proposal. And there will be 2 tokens that coexists. LUNC Luna Classic and LUNA V2.

The flippening won't be ETH overtaking BTC, it will be USDC replacing USDT 😝

Should an average Joe care whether a stablecoin is decentralized or not? I don't see why. DAI is partially backed by USDC so Circle could technically shut alot of it down anyway. Algorithmic stablecoins like UST may not hold against a coordinated attack during volatility. And they may require a high level of centralization to defend its peg during market stress "steady lads, deploying capital" anyway If I'm an average joe, is there any disadvantage to sticking to centralized stablecoins like GUSD/USDC/BUSD/TUSD etc that have 1:1 redemption options through gemini/coinbase/binance/abra?

I think its value lies in "being the most convenient and fastest and universally accepted currency" for the planet. If you've been to China, North Korea, Vietnam, Thailand, you'll realize capital regulation. BTC creates a tunnel where capital can travel freely around the globe. The drawback is unstability. You'll argue I can do the same with USDC. Yes, of course. But usdc via which tunnel? ETH, TRON, BSC? They are all grandson of BTC. Also, BTC is the most robust network in terms of hash power. My two cents

Mentions:#BTC#USDC#ETH

USDT is the leader in trading pairs for stablecoins, so it would cause a shift/disruption from that perspective. But, the market would adjust, and another stable would take its place. Honestly, I'm looking forward to the day when USDC overtakes USDT my market cap and the shift happens naturally and not as abrupt as an outright run from USDT.

Mentions:#USDT#USDC

This is a great question. And CBDCs are definitely being investigated by several countries. I'm not knowledgeable enough to answer But from my best guesses : 1) Brand recognition and adoption - BTC has now established itself among retail investors and big institutional investors (including big banks like goldman sacks, etc) - I assume these bigger players are slower moving (they didn't rush into BTC, perhaps they won't rush out) - BTC adoption is spread on a global scale - many Defi protocols already pair with BTC 2) BTC historical resilient - even among crypto projects. BTC has been forked. Copied and its idea repeated. There are faster payment methods, there a crypto's that have much more features. Yet for some reason BTC is still the market leader (even though its relative dominance has declined) 3) resources and security - The energy requirement to compete with BTC is too much. - BTC is extremely secure, its size and decentralized nature makes it hard to hack and also practically impossible to grab a controlling stake. - it would be very difficult to replicate the network size of BTC, and for a single country the energy requirement (POW) may be intense for the power grid. 4) hmmm you not talking about USDC? - yes, well I don't really see anythibg stopping a big company from competing with USDC - it will probably be easy for a government to back it up and force its treasury to back it up (it already well practiced in backing up a normal fist currency) - it is possible that investors would feel more confident in a large government backed stable coin, vs other stable coins (perhaps more now after the terra fiasco) 5) summary BTC is die hard, POW energy requirements , trust and scale make sit hard to replicate its Sucess. A stable coin would probably be easier for a superpower government to compete with.

Mentions:#BTC#USDC

Well yes because nobody can seize your shit without your private keys & you can still use defi platforms but the problem is you have to keep value equal to $1 USD & the most likely way to do that is match its reserves $ for $ but that isn’t profitable enough for tether so they become day traders with additional reserve & that’s a cash cow until that cow gets to old and dies & if you spend all the cash you have on the Veterinarian bill trying to revive your cash cow & it fails and now you have not enough reserves to cover any major selling pressure, you could collapse the whole crypto industry all together because everyone’s favorite large cap coins including BTC & ETH are most likely wayyyyy over leveraged in long positions in the bill and short positions currently in the bear. It’s a nuclear disaster waiting to happen until USDC reigns supreme.

Mentions:#BTC#ETH#USDC

Lots of people, me included, already invest a portion of each paycheck into investment accounts that we can't touch without huge penalties for many years that are pegged to the market, so when the market crashes, so do our savings. These are even encouraged by the government via tax incentives. This is just another way of long term investing. The markets will stabilize as adoption becomes mainstream. There are also stable coins which have mechanisms to not fluctuate. Like USDC, which is backed 1:1 by USD reserves. But, whatever, ignore crypto. It will keep growing regardless.

Mentions:#USDC

If people flee USDT, they would prob go into USDC since it's seen as a safer option.

Mentions:#USDT#USDC

#Tether Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Tether Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > *First published on:* [*30.09.2021*](https://np.reddit.com/r/CryptoCurrency/comments/og1s24/rcryptocurrency_cointest_top_10_category_tether/hewpzqt/) > > *Last edited on: no edits* > > # Intro > > Tether (USDT) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDT is currently the largest stablecoin. \[1\], \[2\], \[3\] > > # Pros > > **It’s the biggest and oldest stablecoin** > > Tether was launched in 2014 as Realcoin and renamed to Tether the same year \[1)\]. It’s the first successful stablecoin. During the years, it has completely dominated the stablecoins market and despite the recent growth of other stablecoins, mainly USDC, Tether is still the biggest and most popular stablecoin by far. As of September 2021, its market cap is two times bigger and its volume is more than twenty times bigger than that of USDC, the second largest stablecoin. In fact, USDT’s trading volume is unmatched by any other cryptocurrency. \[1\] > > It is also worth pointing out that more than 80% of stablecoins launched in 2015 are now gone. \[4\] > > **It has most trading pairs** > > The market cap and volume speak for themselves – Tether is the most popular stablecoin by far. There are very few exchanges that don’t except USDT and all major coins have trading pairs with USDT. Even Coinbase, which is responsible for Tether’s rival stablecoin – USDC, lists Tether on its exchange as of May 2021. \[5\] > > It is also backed by several international currencies and, therefore, allows people in different countries purchase coins that they otherwise wouldn’t be able to get. > > **Despite all the concerns, USDT is still here** > > There are many controversies around Tether. Perhaps the most concerning one is whether USDT has its reserves fully backed. Many critics believe that Tether isn’t fully backed and if many investors were to redeem tethers at the same time, there would be no liquidity \[6\]. Situations when people redeem tokens en masse usually should happen during market crashes. In the last 4 years we had three significant market crashes – in 2018, in March 2020 and in May 2021. USDT survived all of them. > > **The latest breakdown of the reserves is a step in the right direction** > > Tether has been criticized for lack of transparency – and rightly so – for many years. In May 2021, for the first time since 2014, Tether has finally given us an insight into their reserves. The first report was rather disappointing as it turned out that barely 3% of the reserves are made-up by cash. Moreover, 65% of the reserves were commercial paper. No details about what type of commercial paper that is were shared. \[7\] > > However, the latest report, from August 2021, discloses the reserves breakdown as of 30 June 2021 \[8\]. And it looks much better: cash and bank deposits make up 10% of the reserves, 25% of the assets are in Treasury bills (they are considered very safe assets) and there are more details – the report includes information about the rating and breakdown of maturity of the commercial paper and certificates of deposit. The report seems to be on pair with that of USDC. > > **USDT is centralized. But is it so bad in the case of a stablecoin?** > > Decentralization is essential for cryptocurrency. But so is replacing fiat. So is decentralization that important in the case of a stablecoin? > > The fact that USDT is centralized also allowed it on many occasions to do good things. It returned USDT sent to wrong addresses and cooperated with law enforcement officials and blocked/froze addresses that used USDT for illegal activities. \[9\], \[10\] > > \_\_\_\_\_\_\_\_\_\_\_\_ > > ^(Sources:) > > ^(\[1.\]) [^(https://en.wikipedia.org/wiki/Tether\\(cryptocurrency)](https://en.wikipedia.org/wiki/Tether(cryptocurrency) > > ^(\[2.\]) [^(https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf)](https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf) > > ^(\[3.\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4.\]) [^(https://papers.ssrn.com/sol3/papers.cfm?abstract\\id=3835219)](https://papers.ssrn.com/sol3/papers.cfm?abstract\id=3835219) > > ^(\[5.\]) [^(https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2)](https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2) > > ^(\[6.\]) [^(https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin)](https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin) > > ^(\[7.\]) [^(https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf)](https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf) > > ^(\[8.\]) [^(https://tether.to/wp-content/uploads/2021/08/tether\\assuranceconsolidated\_reserves\_report\_2021-06-30.pdf)](https://tether.to/wp-content/uploads/2021/08/tether\assuranceconsolidated_reserves_report_2021-06-30.pdf) > > ^(\[9.\]) [^(https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt)](https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt) > > ^(\[10\]) [^(https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/)](https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz44yg/rcc_cointest_top_10_tether_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find arguments on this topic in other rounds.

Mentions:#USDT#USDC

Do you think USDC will survive if USDT crashed? Stable coins made the crypto market be more liquid than it ever was. Bad mindset will be to spread FUD in something that is helping crypto reach these heights. Sometimes we have to conpromise for the better good.

#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.

#USDC Pro-Arguments Below is an argument written by madpanda94 which won 2nd place in the USDC Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > My analysis comes from a post from 1 month ago written by me [https://www.reddit.com/r/CryptoCurrency/comments/pkita5/knowyourcrypto\_8\_september\_8\_2021\_usd\_coin\_usdc/](https://www.reddit.com/r/CryptoCurrency/comments/pkita5/knowyourcrypto_8_september_8_2021_usd_coin_usdc/) > > # What is it? > > USD Coin is a stable coin, which is a cryptocurrency that has the same value as a classic currency, in this case the US dollar. It is a similar project, in several ways, to other stable coins. It is also the stable coin managed directly by the Coinbase and Coinbase PRO exchanges, one of the most important exchanges in the world. USD Coin, as it should be more than clear from the name, is pegged to the dollar. What does this mean? It means that the value of a USDC token will always be equal to the value of one dollar. We will always be able to convert (we will see the special cases later) a token of this type into dollars. As we can then see on the main markets that change it, the price can fluctuate very slightly with respect to that of the dollar, generally in the order of thousandths of a percentage. These are very small variations that are mostly dependent on the small inefficiencies that can be created on the market. Perhaps one of the best qualities of USDC is that it is controlled by a consortium, in which partecipate several players in the cryptocurrency industry. It was in fact founded by Circle, and today also hosts the popular Coinbase exchange, and the mining company Bitmain, which is one of the largest investors in Circle. An internal project? No. A project that today has behind it the most serious groups circulating in the world of cryptocurrencies. > > > # How does it work? > > Like all stable coins, USD Coin also has as its main use to act as a counter value on high-frequency exchanges, obviously being tokenized. Therefore, its first use is to act as a counterparty in the negotiations that take place within the main exchanges. Coinbase aims to use it as a means of payment, offering free wallets and above all the possibility for everyone to exchange a crypto with a stable value expressed in dollars without the delays and costs that are instead connected to classic banking. USD Coin is a ERC-20 token, which is a token that is compatible with the Ethereum blockchain. A choice of this type has proved to be a winning one over time because the Ethereum network today offers reliability and allows this stable token, USDC, to be used in many decentralized finance projects. USDC is not mined, that means it is not created by solving very complicated algorithmic calculations. In fact this product is issued on demand. Anyone who buys USDC from Coinbase will have new ones delivered and never released. The doubt in this case is that Coinbase, as well as the other agents involved in the project, can issue more money than they will actually be able to convert one day. This problem can be overcome, provided that the exchange actually has US dollars or equivalent in cash. > > > # Where to store it? > > The best hot wallets for USD Coin are Coinbase Wallet, TrustWallet and Atomic Wallet. If you want more security, a cold storage like Ledger or Trezor is the right choice. > > > # Pros&Cons > > \*DISCLAIMER\* These lists are subjective, it depends from person to person > > **Pros** > > > 1. Solid backers > > 2. Useful > > 3. Future projects > > **Cons** > > 4. High competition ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz482n/rcc_cointest_top_10_usd_coin_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds.

Mentions:#USDC#PRO

USDC {{pros}} & {{cons}} and related info are in the collapsed comments below. Pros and cons will change for every new post.

Mentions:#USDC

Ok. I apologize for the insults. I can tell you are trying. Let’s pretend I bought all my Bitcoin with tether. You never touched tether, great. But I gave $100 to bitfinex and they gave me $100 USDT. I then bought $100 worth of Bitcoin with it. Then I turned around and sold it to you. You paid me in USDC. .... this is either the aha moment or I give up...

Mentions:#USDT#USDC

I have no faith in them and have long moved all my fiat into USDC as my stable of choice.

Mentions:#USDC

Imagine $100 worth of tether is backed by junk bonds. Remember currency is fungible. If someone sells $100 worth of tether to buy $100 worth of USDC, isn’t that original $100 still backed by the junk bonds? Correct me if I am wrong.

Mentions:#USDC

They could have just liquidated the Bitcoin for straight cash or USDC/USDT, and then started setting a bunch of market buy orders for billions of UST across multiple exchanges. That would clear the order books of lower asks. Obviously just a guess. But while crypto moves fast, humans are slow, and I don’t think they had time to conspire to bail out whales (otherwise, why would he allow Novogratz and CZ to lose money?). It’s just that whales in generalhave a systemic advantage because they pay prior to do this stuff for them.

As, tether is slowly drained of billions, the effect is dampened. I believe this is intentional. USDC is a much more stable, stable coin. I think people are beginning to realize this. As long as the capital leaving Tether doesn’t leave the crypto market all together, I think it is a good thing.

Mentions:#USDC